Crude oil is a vital fossil fuel, powering global economies and energy markets. This essential commodity's price fluctuations significantly impact industries...
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, found beneath the Earth's surface. It's a fossil fuel formed from ancient marine organisms.
It is primarily refined into various petroleum products like gasoline, diesel, jet fuel, heating oil, and petrochemicals, which are used in plastics, fertilizers, pharmaceuticals, and many other industrial applications.
Global supply and demand, geopolitical events, economic growth forecasts, currency strength (especially the US dollar), inventory levels, and production decisions by major oil-producing nations (e.g., OPEC+) all significantly influence prices.
Crude oil is a primary energy source for transportation and industrial processes, making it critical for manufacturing, trade, and economic stability. Its price volatility can lead to widespread inflation or economic slowdowns.
Crude oil is commonly categorized by its density (light or heavy) and sulfur content (sweet or sour). Key global benchmarks include West Texas Intermediate (WTI) and Brent Crude, each with specific characteristics.